The Ritz Carlton in-the-making is almost back on track.
"Gencom and Magna, our developers who are managing the property, have come forward with some pretty serious deposits to show that they're serious about completing the project," Rancho Mirage Mayor Scott Hines said.
Rancho Mirage city council voted unanimously to extend a loan agreement with the Ritz developers, Rancho California Investments. The developers now have until December 2013 to finish the hotel -- and September 15 of this year to announce their plan to do so. R-C-I announced its two options.
"Either they'll bring in a joint venture partner to continue the project, or they'll sell the project to an experienced developer who will take over and still open the Ritz on time," Hines said.
The developers say either way they go, a Ritz Carlton will stand in Rancho Mirage in December of 2013. Many of the city's residents attended the council meeting, and said they gladly welcome any kind of plan that hints at forward movement.
"Unfortunately, there's nothing that's 100% sure. But we sure are a lot farther ahead in the process than we were six months ago," Rancho Mirage resident Andy Gladstein said.
With the announcement of two solid plans, Mayor Scott Hines described it as, "A significant milestone for the city. The problem with getting the Ritz open has been getting financing in the open market. That question has been answered," Hines said.
Now the city and its residents -- and likely many in the valley -- eagerly await to see how the hotel will take its next step forward.
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